The Department of Defense s Fiscal Year (FY) 2015 budget submission provides the resources necessary to protect and advance U.S. interests and to execute the updated defense strategy, although at increased levels of risk for some missions relative to the planned funding levels in the FY 2014 budget. This budget complies with the limits established for FY 2015 in the Bipartisan Budget Act of 2013 (BBA), but over the remainder of the Future Years Defense Program (FYDP), it exceeds the estimated limits on base budget discretionary DoD funding under current law by $115 billion. These estimated limits reflect the automatic reductions of the caps on Government-wide discretionary funding established in the Budget Control Act of 2011 (BCA). For simplicity, this report will refer to these limits as BCA levels or sequestration levels. This report outlines the impacts the Department would face today in having to plan and operate at the sequestration levels and documents the significant cuts to forces, modernization, and readiness that would be required at those levels. Of course, BCA-level funding would have similar impacts for non-defense programs, and any increase in defense discretionary caps should be matched by an equivalent increase in the non-defense caps. For defense, this report illustrates the additional warfighting risk the Department will incur if the BCA s automatic reductions persist. The Department will continue to review and refine this plan as conditions warrant, so while this report shows a specific set of impacts, those impacts may change.